Mysteries of a Gen-Y Confidant Rotating Header Image

Start Early Or Play the Waiting Game

As the business cogs start to turn for Million Dollar Box Truck, my business partner and I have been the participants in many rounds of the waiting game. It has become obvious to me that we went about our new venture a little bit backwards. Reasonably we thought that we should wait until it was the center of our focus, the one thing on our minds. Wrong…

Boring = Forgotten

I think that the problem with our approach was the lack of experience between the both of us. Of course we have had the training of a fine institution and lots of “case” experience. What they fail to mention is the paperwork… I would liken it to trying to run, on ice, with no skates. You’re not necessarily going backwards, but that doesn’t mean you’re moving forwards either. There are a number of filings that stand guard to a full-fledged corporation. Each filing takes a unique amount of time.

Start now or pay the price!

Although we are not always sure of our ideas, if you are at all considering a company with a little certainty be sure to start the paperwork immediately.

We are always wrapped up in “brainstorming” or the exciting parts of a potential company but someone needs to be mindful of the paperwork which is necessary to keeping the company going. It doesn’t matter how amazing your business is if it is illegal. The IRS is not a government agency I ever want to see on my doorstep.

Find a way to master the paperwork

Although it is boring, it is a requirement. Therefore decide who will be master of the paperwork and make sure that that person has their head on straight. Some tax agencies as a value statement to clients have produced a how to manual for their respective states. If it is possible find that document and read it multiple times. If they are up to date they outline the steps necessary to avoid penalties and make the most of your time.

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